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| Oil price reaches six-month high | Oil price reaches six-month high |
| (about 5 hours later) | |
| Oil prices have risen to a six-month high, above $63 a barrel, after key oil producing nation Saudi Arabia said it was optimistic about economic recovery. | Oil prices have risen to a six-month high, above $63 a barrel, after key oil producing nation Saudi Arabia said it was optimistic about economic recovery. |
| Saudi oil minister Ali al-Naimi said prices would keep increasing since demand was "picking up". | Saudi oil minister Ali al-Naimi said prices would keep increasing since demand was "picking up". |
| Crude oil hit $63.45 a barrel in New York, its highest since mid-November. It later eased to $63.09, up 64 cents. Brent crude rose 64 cents to $62.03. | Crude oil hit $63.45 a barrel in New York, its highest since mid-November. It later eased to $63.09, up 64 cents. Brent crude rose 64 cents to $62.03. |
| The comments come as members of oil cartel Opec decide on output levels. | The comments come as members of oil cartel Opec decide on output levels. |
| Mr al-Naimi said the members did not not need to alter production levels to buoy prices. | |
| "There is no need to cut production," he told reporters, saying that the cartel should "stay the course". | "There is no need to cut production," he told reporters, saying that the cartel should "stay the course". |
| He predicted that prices were likely to reach $75 a barrel by the end of the year, boosted by demand in Asia. | He predicted that prices were likely to reach $75 a barrel by the end of the year, boosted by demand in Asia. |
| But there is still much uncertainty about the trend in oil prices, as there is about the wider economy. | But there is still much uncertainty about the trend in oil prices, as there is about the wider economy. |
| "We're not really seeing a strong recovery yet, but I think Opec are implying they don't see oil demand falling any further," said Andrey Kryuchenkov, an analyst with VTB. | "We're not really seeing a strong recovery yet, but I think Opec are implying they don't see oil demand falling any further," said Andrey Kryuchenkov, an analyst with VTB. |
| And despite recent rises, oil remains far from the peak that it reached last July, of more than $147 a barrel. | And despite recent rises, oil remains far from the peak that it reached last July, of more than $147 a barrel. |